- Amendment on Brexit ‘meaningful vote’ once again rejected.
- BOE’s Monetary policy meeting most likely a non-event.
The GBP/USD pair trades above 1.3210, its highest for the day, with the Pound finding demand after PM May got another parliamentary victory, defeating in the House of Commons the amendment proposed by the pro-EU conservative lawmakers to win the Brexit ‘meaningful vote’ (319 vs. 303) in the Parliament. The UK is due to leave the Union next 29 March 2019.
Earlier on the day, the UK CBI industrial trends showed a nice rebound in manufacturers’ total order books, with the headline order books balance recovering to +13 after the discouraging -3 in May.
Attention now shifts to BOE’s Super Thursday, as the Central Bank will unveil its latest monetary policy decision during London trading hours. The central bank is largely expected to maintain its ongoing policies, while no changes are expected in the MPC vote count, seen as last month at 7-2.
Today’s recovery has been barely enough to revert half of Monday’s losses, as investors maintain a cautious stance. The daily high at 1.3216 and Friday’s low at 1.3210 draw the first resistance, ahead of the weekly high at 1.3281. The 1.3140/50 area is the immediate support, as the pair bottomed around it for a second consecutive day.
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